How Beneficial is an Over 50s Life Insurance Policy?
What is an over 50s life insurance policy?
It’s a whole-of-life insurance which is specially designed so as, in the event of your death, your loved ones will be left a tax-free lump sum. This lump sum may then be used for anything, such as household bills, funeral costs, or perhaps as a financial gift.
Over 50s life insurance is available to people in the age range of 50 to 80. Normally, this form of policy does not insist on a medical and what’s more, acceptance is frequently a guaranteed provision.
It’s you who decides on the amount of monthly premium you pay and in return, the insurance provider will explain to you the amount of payout you’ll receive.
What might your over 50s policy cover?
A policy of this nature, such as www.genesage.com/over-50s-life-insurance/asda-life-insurance-over-50, can cover the following expenses:
A funeral: by investing in an over 50s life insurance policy – or, as it’s sometimes referred to, a whole of life policy – you are in a better position to protect your family from a potential financial hardship.
The average funeral costs thousands of U.K. pounds, and the entire outlay may easily be covered through your policy which will save your family from footing this relatively hefty bill.
A financial gift: a financial gift is always a pleasure to receive, and even can provide for a huge relief to someone who is in need of help. You can elect to leave the proceeds of your life insurance policy to anyone of your choosing.
Household bills: household bills can amount to a sizeable slice of a decent monthly income. With the help of the proceeds from a life insurance policy, your family will be in a strong position to ensure all the bills are paid on your departure.
How much cover can you take out?
There are three main factors in determining how much cover you can get:
· - Your current age
· - If you're a smoker
· - The amount of premium you’d prefer to pay on a monthly basis
The amount of premium you agree to pay on a monthly basis can either be paid until the date you die, or until which time you reach 90. In the latter case, when you eventually pass away, the policy pays out.
Do keep in mind, however, that your policy may come with a deferred period, which is typically between 12 and 24 months. During this period, the amount that is paid out varies from provider to provider. So, it’s wise to be fully aware of the details of the policy prior to making an initial investment.
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